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New Homes in U.S. Sold at Faster Pace Than Forecast in January
New homes in the U.S. sold at a faster pace than forecast in January, a sign of stabilization in the housing industry. The 481,000 houses purchased last month at an annualized pace were little changed from a more than six-year high of 482,000 in December, figures from the Commerce Department showed Wednesday in Washington. The median forecast of 76 economists surveyed by Bloomberg called for 470,000. Employment gains and rising household formation are underpinning demand for homes as rents rise. Borrowing costs close to historically low levels and easing credit may help attract more first-time buyers, who have been ... (full story)